APRA to face parliamentary scrutiny

THE House Committee on Economics will scrutinise the Australian Prudential Regulation Authority (APRA), as part of its review of the performance and strengths of Australia’s financial and banking regulator.

The Chair of the committee, David Coleman MP, said ‘the hearing will enable the Committee to scrutinise APRA on its performance and operation, including the adoption of “unquestionably strong” capital benchmarks for the four major banks, and further measures to reinforce sound residential mortgage lending practices.

The committee is also likely to scrutinise APRA on other activities relating to the banking sector, including its inquiry into governance and culture at the Commonwealth Bank.

APRA is the prudential regulator of Australia’s financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurance, friendly societies, and most of the superannuation industry.